Velo3D Announces First Quarter 2025 Financial Results

13.05.25 22:05 Uhr

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  • Revenue of $9.3 million
  • Gross margin of 7.5%
  • Backlog of $18 million as of March 31, 2025
  • Reaffirms expectation for 2025 annual revenue growth of more than 30%
  • Reaffirms expectation to be EBITDA positive in the first half of 2026

FREMONT, Calif., May 13, 2025 /PRNewswire/ -- Velo3D, Inc. (OTCQX: VLDX), a leader in additive manufacturing (AM) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its first quarter ended March 31, 2025. 

Velo3D Logo (PRNewsfoto/Velo3D, Inc.)

Recent Business Developments

  • Demand mix shift to Rapid Production Services (RPS) underway
    • RPS backlog increased 3x as compared to year-end 2024
    • New customers represented more than 75% of 1Q'25 bookings
    • 50% demand from defense sector
  • Signed a five-year, $15 million master services agreement (MSA) with Momentus, Inc.to leverage to RPS Offering
  • Signed a five-year exclusive supply agreement with Amaero Advanced Materials & Manufacturing, Inc. ("Amaero") advancing efforts to re-shore advanced manufacturing and accelerate the adoption of additive manufacturing
  • Received an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programs
  • Announced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.
  • Appointed retired U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government Relations
  • Appointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of Directors
  • Upgraded to OTCQX® Best Market from the Pink® market

"Momentum is building across our business as we implement a number of strategic initiatives that we believe position Velo3D for sustainable, long-term growth and a return to profitability," said Arun Jeldi, CEO of Velo3D. "We are seeing early results from our new go-to-market strategy, which is gaining significant traction with both new and existing customers, particularly in the defense and aerospace industries where domestic supply chain resiliency is a priority."

Jeldi, continued, "A $15 million, five-year MSA with Momentus, along with our exclusive supply agreement with Amaero, further validates our RPS offering and underscores our expanding role in reshoring critical manufacturing capabilities in the U.S. RPS is designed to address the growing demand for scalable, high-quality parts by providing a seamless path from design to production. It reduces design cycles, accelerates production qualification and ensures consistent output through a U.S.-based supply chain. Awareness and interest are accelerating among top-tier companies in defense, aerospace and technology, and we believe RPS could account for up to 40% of our revenue by 2026."

Jeldi continued, "We further strengthened our leadership team with the appointment of retired U.S. Army Green Beret Brice Cooper as Vice President of Defense and Government Relations and welcomed Rear Admiral Jason Lloyd and Kenneth Thieneman to our Board of Directors. Their deep industry and defense expertise will be instrumental as we expand our presence in key strategic markets."

Jeldi, concluded, "With a number of initiatives in motion, we believe we are in a strong position to execute our strategy and reclaim our leadership in additive manufacturing. We are already seeing measurable improvements in performance and expect sequential quarterly progress throughout 2025."

($ in Millions, except percentages and per-share data)

1st Quarter 2025

1st Quarter 2024

GAAP revenue

$9.3

$9.8

GAAP gross margin

7.5 %

(28.8) %

GAAP net loss1

($25.4)

($28.3)

GAAP net loss per share - basic and diluted

($0.13)

($3.81)




Non-GAAP net loss2

($8.9)

($20.2)

Non-GAAP net loss per share - basic and diluted2

($0.04)

($2.71)

  • Information about Velo3D's use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under "Non-GAAP Financial Information".  The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company's performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.
  • Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company's warrants, contingent earnout and debt derivative and loss on extinguishment of debt.
  • Summary of First Quarter 2025 Results 

    Revenue was $9.3 million. System revenue decreased compared to the first quarter of 2024, driven by a modest decrease in the number of printer sales, consistent with our strategy of maintaining Average Selling Price (ASP) by targeting high-value customers. While system sales are expected to remain the primary driver of revenue in 2025, the company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue beginning in the second half of the year. 

    Gross margin for the first quarter was 7.5% compared to negative 28.8% in the first quarter of 2024. The improvement is a result of continued Build of Materials (BOM) cost reduction as well as manufacturing process optimization. The company expects gross margin to improve throughout 2025 as a result of operational efficiencies and an anticipated ramp-up of its Rapid Production Solutions business. 

    Operating expenses for the first quarter were $12.6 million compared to $18.6 million in the first quarter of 2024. Non-GAAP operating expenses, which excludes stock-based compensation expense of $3.9 million, were $8.8 million, down from $14.1 million in the first quarter of 2024. 

    GAAP net loss for the first quarter was $25.4 million compared to a loss of $28.3 million in the first quarter of 2024. 

    Non-GAAP net loss was $8.9 million in the three months ended March 31, 2025, which excludes the non-cash loss from the warrant cancellation transaction that eliminated significant future liabilities. Adjusted EBITDA for the quarter was negative $6.9 million. For more information regarding the company's non-GAAP financial measures, see "Non-GAAP Financial Information" below.

    As of March 31, 2025, the Company had $3.9 million of cash and cash equivalents, compared to $1.2 million as of December 31, 2024.

    Guidance

    Management expects the following for the full year 2025:

    • Revenue in the range of $50 million to $60 million.
    • Sequential improvement in gross margin
      • Greater than 30% gross margin in fourth quarter of 2025
    • Non-GAAP operating expenses in the range of $40 million to $50 million
    • CapEx in the range of $15 million to $20 million
    • EBITDA positive in the first half of 2026

    Conference Call

    The company will host a conference call for investors this afternoon to discuss its first quarter 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on May 13, 2025. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D's website at ir.velo3d.com.

    About Velo3D:

    Velo3D is a metal 3D printing technology company. 3D printing—also known as additive manufacturing (AM)—has a unique ability to improve the way high-value metal parts are built. However, legacy metal AM has been greatly limited in its capabilities since its invention almost 30 years ago. This has prevented the technology from being used to create the most valuable and impactful parts, restricting its use to specific niches where the limitations were acceptable.

    Velo3D has overcome these limitations so engineers can design and print the parts they want. The company's solution unlocks a wide breadth of design freedom and enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries. Using Velo3D, these customers can now build mission-critical metal parts that were previously impossible to manufacture. The fully integrated solution includes the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system—all of which are powered by Velo3D's Intelligent Fusion manufacturing process. The company delivered its first Sapphire system in 2018 and has been a strategic partner to innovators such as SpaceX, Honeywell, Honda, Chromalloy, and Lam Research. Velo3D has been named as one of Fast Company's Most Innovative Companies for 2024. For more information, please visit Velo3D.com, or follow the company on LinkedIn or Twitter.

    VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.

    Amounts herein pertaining to the company's first quarter ended March 31, 2025 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the "SEC"). Additional information on our results of operations for the three months ended March 31, 2025 will be provided upon the filing our Quarterly Report 10-Q with the SEC.

    Forward-Looking Statements:

    This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1996. The company's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect", "estimate", "project", "budget", "forecast", "anticipate", "intend", "plan", "may", "will", "could", "should", "believes", "predicts", "potential", "continue", and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company's guidance for fiscal years 2025 and 2026 (including the company's estimates for revenue and gross margin), the company's expectations regarding its ability to achieve profitability in the first half of 2026, the company's expectations about future demand, the company's strategic realignment and initiatives, the company's expectations regarding its liquidity and capital requirements, the company's expectations regarding its potential cost savings, the company's expectations about its market strategy and financial and operational position, and the company's other expectations, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "FY 2024 10-K") and the other documents filed by the company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the company to execute its business plan, which may be affected by, among other things, competition, the company's liquidity position//lack of available cash, the ability of the company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) the company's ability to continue as a going concern; (3) the company's ability to service and comply with its indebtedness; (4) the company's ability to raise additional capital in the near-term; (5) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in the applicable laws and regulations, and (7) other risks and uncertainties described in the FY 2024 10-K, including those under "Risk Factors" therein, and in the company's other filings with the SEC. The company cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. 

    Non-GAAP Financial Information

    The information in the table below sets forth the non-GAAP financial measures that the company uses in this release. We believe these non-GAAP financial performance and liquidity measures are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of core expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.

    Each of our non-GAAP measures have limitations as analytical tools. Because of these limitations, "Non-GAAP Net Loss", "EBITDA", "Adjusted EBITDA" and "Non-GAAP Operating Expenses", should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, EBITDA, Adjusted EBITDA, and Non-GAAP Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the company's business.

    The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Operating Expenses during the periods below:

    Velo3D, Inc.

    NON-GAAP Net Loss Reconciliation

    (Unaudited)




    Three months ended




    March 31, 2025



    December 31, 2024



    March 31, 2024




    (In thousands, except for percentages)




    % of Rev



    % of Rev



    % of Rev


    Revenue


    $

    9,320




    100.0

    %


    $

    12,626




    100.0

    %


    $

    9,786




    100.0

    %

    Gross Profit



    697




    7.5

    %



    (444)




    (3.5)

    %



    (2,815)




    (28.8)

    %

    Net Loss


    $

    (25,411)




    (272.7)

    %


    $

    (21,686)




    (171.8)

    %


    $

    (28,314)




    (289.3)

    %

    Stock-based compensation



    4,074




    43.7

    %



    2,322




    18.4

    %



    5,087




    52.0

    %

    Gain on exchange of debt for common stock



    -




    %



    (2,619)




    (20.7)

    %



    -




    %

    (Gain) loss on fair value of warrants



    1,044




    11.2

    %



    (184)




    (1.5)

    %



    2,620




    26.8

    %

    Loss on fair value of contingent earnout liabilities



    -




    %



    -




    %



    437




    4.5

    %

    Loss on warrant cancellation



    11,357




    121.9

    %



    -




    %



    -




    %

    Non-GAAP Net Loss


    $

    (8,936)




    (95.9)

    %


    $

    (22,167)




    (175.6)

    %


    $

    (20,170)




    (206.1)

    %

     

    Velo3D, Inc.

    NON-GAAP Adjusted EBITDA Reconciliation

    (Unaudited)




    Three months ended




    March 31, 2025



    December 31, 2024



    March 31, 2024




    (In thousands, except for percentages)




    % of Rev



    % of Rev



    % of Rev


    Revenue


    $

    9,320




    100.0

    %


    $

    12,626




    100.0

    %


    $

    9,786




    100.0

    %

    Net Loss



    (25,411)




    (272.7)

    %



    (21,686)




    (171.8)

    %



    (28,314)




    (289.3)

    %

    Interest expense



    1,070




    11.5

    %



    3,048




    24.1

    %



    3,897




    39.8

    %

    Provision for income taxes



    8




    0.1

    %



    (20)




    (0.2)

    %



    4




    0.0

    %

    Depreciation and amortization



    942




    10.1

    %



    968




    7.7

    %



    1,396




    14.3

    %

    EBITDA


    $

    (23,391)




    (251.0)

    %


    $

    (17,690)




    (140.1)

    %


    $

    (23,017)




    (235.2)

    %

    Stock-based compensation



    4,074




    43.7

    %



    2,322




    18.4

    %



    5,087




    52.0

    %

    Gain on exchange of debt for common stock



    -




    %



    (2,619)




    (20.7)

    %



    -




    %

    (Gain) loss on fair value of warrants



    1,044




    11.2

    %



    (184)




    (1.5)

    %



    2,620




    26.8

    %

    Loss on fair value of contingent earnout liabilities



    -




    %



    -




    %



    437




    4.5

    %

    Loss on warrant cancellation



    11,357




    121.9

    %



    -




    %



    -




    %

    Restructuring expense



    -




    %



    3,540




    28.0

    %



    -




    %

    Adjusted EBITDA


    $

    (6,916)




    (74.2)

    %


    $

    (14,631)




    (115.9)

    %


    $

    (14,873)




    (152.0)

    %

     

    Velo3D, Inc.

    NON-GAAP Adjusted Operating Expenses Reconciliation

    (Unaudited)




    Three months ended




    March 31, 2025



    December 31, 2024



    March 31, 2024




    (In thousands, except for percentages)




    % of Rev



    % of Rev



    % of Rev


    Revenue


    $

    9,320




    100.0

    %


    $

    12,626




    100.0

    %


    $

    9,786




    100.0

    %

    Operating expenses



















    Research and development



    1,212




    13.0

    %



    3,082




    24.4

    %



    5,043




    51.5

    %

    Selling and marketing



    2,275




    24.4

    %



    1,627




    12.9

    %



    4,809




    49.1

    %

    General and administrative



    9,131




    98.0

    %



    16,348




    129.5

    %



    8,783




    89.8

    %

    Total operating expenses


    $

    12,618




    135.4

    %


    $

    21,057




    166.8

    %


    $

    18,635




    190.4

    %

    Stock-based compensation in operating expenses



    3,866




    41.5

    %



    2,322




    18.4

    %



    4,503




    46.0

    %

    Adjusted operating expenses


    $

    8,752




    93.9

    %


    $

    18,735




    148.4

    %


    $

    14,132




    144.4

    %

     

    Velo3D, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)

    (In thousands, except share and per share data)




    Three Months Ended March 31,




    2025



    2024


    Revenue







    3D Printer


    $

    7,523



    $

    7,660


    Recurring payment






    470


    Support services



    1,790




    1,656


    Other



    7





    Total Revenue



    9,320




    9,786


    Cost of revenue







    3D Printer



    7,540




    9,394


    Recurring payment



    12




    315


    Support services



    1,071




    2,892


    Total cost of revenue



    8,623




    12,601


    Gross loss



    697




    (2,815)


    Operating expenses







    Research and development



    1,212




    5,043


    Selling and marketing



    2,275




    4,809


    General and administrative



    9,131




    8,783


    Total operating expenses



    12,618




    18,635


    Loss from operations



    (11,921)




    (21,450)


    Interest expense



    (1,070)




    (3,897)


    Loss on fair value of warrants



    (1,044)




    (2,620)


    Loss on fair value of contingent earnout liabilities






    (437)


    Loss on warrant cancellation



    (11,357)





    Other income (expense), net



    (11)




    94


    Loss before provision for income taxes



    (25,403)




    (28,310)


    Provision for income taxes



    (8)




    (4)


    Net loss


    $

    (25,411)



    $

    (28,314)









    Net loss per share:







        Basic


    $

    (0.13)



    $

    (3.81)


        Diluted


    $

    (0.13)



    $

    (3.81)


     

    Velo3D, Inc.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    (In thousands, except share and per share data)




    March 31,



    December 31,




    2025



    2024


    Assets







    Current assets:







    Cash and cash equivalents


    $

    3,870



    $

    1,212


    Accounts receivable, net



    4,569




    3,723


    Inventories, net



    46,133




    49,953


    Contract assets



    1,295




    500


    Prepaid expenses and other current assets



    5,907




    2,336


    Total current assets



    61,774




    57,724


    Property and equipment, net



    13,691




    14,270


    Equipment on lease, net



    3,673




    3,673


    Other assets



    12,261




    13,513


    Total assets


    $

    91,399



    $

    89,180


    Liabilities and Stockholders' Equity







    Current liabilities:







    Accounts payable


    $

    16,365



    $

    18,538


    Accrued expenses and other current liabilities



    3,762




    3,511


    Debt – current portion



    16,152




    5,666


    Contract liabilities



    7,614




    10,285


    Total current liabilities



    43,893




    38,000


    Long-term debt – less current portion



    5,506





    Contingent earnout liabilities



    11




    11


    Warrant liabilities



    13




    2,167


    Other noncurrent liabilities



    9,094




    9,338


    Total liabilities



    58,517




    49,516


    Commitments and contingencies (Note 13)







    Stockholders' equity:







    Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2025
    and December 31, 2024, 210,232,762 and 194,909,430 shares issued and outstanding as
    of March 31, 2025 and December 31, 2024, respectively



    4




    4


    Additional paid-in capital



    488,623




    469,994


    Accumulated other comprehensive loss







    Accumulated deficit



    (455,745)




    (430,334)


    Total stockholders' equity



    32,882




    39,664


    Total liabilities and stockholders' equity


    $

    91,399



    $

    89,180


     

    Velo3D, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

    (In thousands)




    Three Months Ended March 31,




    2025



    2024


    Cash flows from operating activities







    Net loss


    $

    (25,411)



    $

    (28,314)


    Adjustments to reconcile net loss to net cash used in operating activities







    Depreciation and amortization



    942




    1,396


    Amortization of debt discount and deferred financing costs



    992




    3,171


    Stock-based compensation



    4,074




    5,087


    Loss on fair value of warrants



    1,044




    2,620


    Loss on fair value of contingent earnout liabilities






    437


    Loss on warrant cancellation



    11,357





    Changes in assets and liabilities







    Accounts receivable



    (846)




    (2,070)


    Inventories



    1,989




    2,645


    Contract assets



    (795)




    (2,118)


    Prepaid expenses and other current assets



    (3,407)




    1,078


    Other assets



    1,224




    396


    Accounts payable



    (860)




    (4,199)


    Accrued expenses and other liabilities



    251




    (218)


    Contract liabilities



    (2,671)




    (416)


    Other noncurrent liabilities



    (232)




    (18)


    Net cash used in operating activities



    (12,349)




    (20,523)


    Cash flows from investing activities







    Purchase of property and equipment






    (6)


    Production of equipment for lease to customers






    (1)


    Proceeds from maturity of available-for-sale investments






    3,500


    Net cash provided by investing activities






    3,493


    Cash flows from financing activities







    Proceeds from secured convertible notes



    15,000





    Issuance of common stock upon exercise of stock options






    285


    Net cash provided by financing activities



    15,000




    285


    Effect of exchange rate changes on cash and cash equivalents



    7




    5


    Net change in cash and cash equivalents



    2,658




    (16,740)


    Cash and cash equivalents and restricted cash at beginning of period



    1,840




    25,294


    Cash and cash equivalents and restricted cash at end of period


    $

    4,498



    $

    8,554


    The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:



    March 31,




    2025



    2024


    Cash and cash equivalents


    $

    3,870



    $

    7,754


    Restricted cash (Other assets)



    628




    800


    Total cash and cash equivalents and restricted cash


    $

    4,498



    $

    8,554


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